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to rupert murdoch's giant media empire. it's "nightly business report" for wednesday, july 13. this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: this program is made possible by contributions to your pbs station from viewers like you. captioning sponsored by wpbt >> susie: good evening everyone. late today, the aaa credit rating of the united states was officially put on notice. moody's investor service placed the government's bond rating on review for possible downgrade. without a debt deal on capitol hill, moody's points to a "small but rising risk of a short-lived default" tom, that warning comes as the federal reserve says its ready to add more fuel to the economy if the recovery runs out of gas. >> tom: susie, fed chairman ben bernanke made that pledge during his semiannual congressional testimony today. that helped investor confidence, at least initially. stocks rallied sharply during the chairman's testimony but backed off those highs as the day wore on. by the close, the dow was up just 44 points, the nas
. the action comes a day before c.e.o. rupert murdoch and his son, james, testify before the british parliament tomorrow morning, but our guest tonight says newscorp stock is still his top pick. joining us now? jason bazinet, media analyst at citigroup. hi, jason, nice to you have with us. >> thank you so much. >> susie: let's start right off with that stock. it's been down sharply since the scandal broke. and you said in a citi report that news corporate is quote too compelling to ignore. tell us why you are so bullish on the stock? >> well, there are a couple of reasons the stock is down some of. one is several weeks ago people expected news corporate to consolidate all of bskyb and now that is not happening. it disappoint investors. and second you have this broadening scandal. but when we look at the numbers news corp. is trade being 10 times forward earnings. and parently they have about 12 billion of cash on the balance. if you make that adjustment and remove the cash from the market capitalization they are trading closer to 6.5 times earnings. that's too compelling to ignore. >> what abou
as newscorp c.e.o. rupert murdoch and his son james testified before parliament. a comedian stormed toward the senior murdoch, trying to hit him with a shaving cream pie. he wasn't hurt. both murdochs offered a string of apologies for the telephone hacking scandal that has engulfed their company, causing them to shut down their british tabloid "news of the world." >> this is the most humble day of my life. >> it's a mattered of great regret. mine, my father's and everyone at the news corporation. these do not live up to the standards that our company aspires to everywhere around the world. >> susie: despite the apologies, rupert murdoch said he would not step down as c.e.o., saying "i'm the best person to clean this up." shares of newscorp moved higher during the testimony. they finished the day up 5%, closing at 15.79. >> tom: very activelyl traded, really a broad rally today. let's take a look at tonight's market focus. stocks saw strong buying throughout the day thanks to earnings, thanks to positive housing numbers and hope for movement toward a deal on the debt limit. let's roll out d
. >> tom: the scandal surrounding rupert murdoch's newscorp has spread to the u.s. the f.b.i. has opened an investigation into whether murdoch newspapers targeted the phones of 9/11 victims. it comes as rupert murdoch and his son, james, have agreed to testify before a british parliamentary panel. next week, the group will look into phone hacking and bribery by employees of newscorp's british newspaper empire. today, rupert murdoch says his company will recover from any fallout. >> susie: small businesses are often called the engine of the nation's economy. that's why tonight's commentator believes it's key to teach the nation's kids to think like entrepreneurs. with tonight's "kids and cash," here's jack harris, president of junior achievement of georgia. >> for generations, we've been taught to believe in the american dream-- owning a house, buying a car, living the good life. but this generation of kids could be the first that might not do better financially than their parents. that's why it's so important to teach business to children at a young age. at junior achievement, we work wi
: newscorp chief executive rupert murdoch is apologizing to all of britain for the phone hacking scandal involving his "news of the world" tabloid. the apology will be carried in british newspapers this weekend with the headline "we are sorry." also today, two executives of murdoch's british newspaper operations resigned because of the scandal. rebekah brooks, the chief executive of news international, and dow jones c.e.o. les hinton stepped down. >> tom: norwegian cruise lines is setting sail for the stock market. the miami-based company filed for an initial public stock offering today. it hopes to raise $250 million to repay debt. no word on when it will come to market, but it will trade on nasdaq under the ticker n-c-l-h. also heading the nasdaq? zillow. the real estate listing service today detailed its stock offering plans. it hopes to raise $71 million by selling 3.5 million shares priced as high as $18 a share. it gets the coveted single- letter ticker "z." >> susie: even though investors have a long worry list, tonight's "market monitor" is still optimistic about the outlook for
scandal surrounding rupert murdoch's newscorp continues to grow. his next deal could be in jeopardy. the british government is taking a tougher stance on newscorp's proposed takeover of satellite television company british sky broadcasting. the deal has come under a full- scale inquiry by britain's competition commission. separately, newscorp today withdrew its offer to spin off sky news if the b. sky b. deal is approved. >> susie: while washington is focused on the debt debate, tonight's commentator wants to have a bigger conversation about growth. he's glenn hubbard, dean of the graduate school of business at columbia and former top economic advisor to president george w. bush. >> our current national debate over fiscal austerity masks a conversation we need to have about growth-- to raise incomes and create jobs. faster growth doesn't just happen. a supportive policy environment is needed. we need to encourage participation in the workforce and to provide education and training that match the skills required for today and tomorrow. the productivity of our workforce also depends o
engulfing rupert murdoch's newscorp. now many advertisers, including ford and virgin, are bailing on the "news of the world" tabloid. the paper is under fire for intruding into private voicemails of sports and film stars, politicians and even a murder victim. murdoch said today he will keep the paper's c.e.o. rebekkah brooks in her job, despite calls for her resignation. >> tom: it took almost two decades, but the u.s. and mexico have finally signed a deal to let each other's trucks have unlimited access to each other's highways. this provision was originally part of the nafta agreement, signed back in 1994, but both countries argued for years over safety and financial issues. and there's still opposition. the teamsters union says the deal is probably illegal and opens the border to dangerous trucks. >> susie: in the "money file," making your good credit score work harder for you. here's donna rosato, senior writer at "money magazine." >> got a good credit score? you do if you've got a score of 740 or higher. just one third of americans are members of that elite club. if you're on
to streetcritique@nbr.com. new pressure today for newscorp chairman rupert murdoch to abandon his bid for satellite broadcaster b. sky b. the u.k. government says it will support a non-binding motion in parliament urging newscorp to drop the deal. murdoch has also been asked to answer questions about the phone-hacking scandal surrounding his tabloid, "the news of the world." u.s. regulators say they're not investigating newscorp, but that if issues arise with any of murdoch's u.s. media properties, they will. >> tom: the much-anticipated consumer finance protection bureau will open its doors later this month. the woman setting up the agency, elizabeth warren, said the agency will begin overseeing the nation's biggest banks on july 21. specifically, it will look at how banks with more than $10 billion in assets comply with consumer finance laws. the bureau was set up as part of the dodd/frank financial overhaul passed by congress last summer. >> susie: when it comes to finding common ground in washington, tonight's commentator asks, what does it really mean to be somewhere in the middle? here's tim
Search Results 0 to 35 of about 36 (some duplicates have been removed)